Raising $120 Mn, Ratan Tata Backed Moglix Enters Unicorn Club
Ratan Tata backed Moglix has raised $120 million in a funding round that indeed has elevated the value of the firm to $1 billion. Moglix stands as fourteenth Indian company obtain unicorn status this year and is the first startup in industrial B2B commerce.
The Series E funding round has been led by Falcon Edge Capital and Harvard Management Company (HMC). However, the startup’s existing investors namely Tiger Global, Sequoia Capital India and Venture Highway also participated.
Moglix is one of the country’s largest and fastest-growing B2B commerce platform in the industrial and MRO (maintenance, repair and operations) procurement space with a clear first-mover advantage. It was established in 2015 by IIT Kanpur and ISB alumnus Rahul Garg that offers solutions to over 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE.
Rahul Garg, founder and CEO, Moglix says, “We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 trillion manufacturing economy in India. Today, as we enter the next stage of our evolution, we feel this financing milestone is a testimony to our journey of innovation and disruption.
Falcon Edge, which works in West Asia and Europe, assured that it would guide the firm through the next phase of its journey.
Navroz D Udwadia, co-founder, Falcon Edge Capital states, "We have studied and tracked Moglix for years, driven by our global experience in investing in online MRO platforms. We believe Moglix is now well poised to scale and we are thrilled to back the company in the next phase of its growth.”
With the latest funding round the total funds raised by Moglix has reached $220 Million. Other prominents from start-up and manufacturing communities such as Vikrampati Singhania, managing director at JK Fenner, and Kalyan Krishnamurthy, chief executive officer of Flipkart, have also invested in Moglix.
